LSL tells buyers to expect costlier mortgages
Friday 18 May 2012
The estate agent behind the Your Move and Marsh & Parsons chains braced would-be homebuyers yesterday to expect dearer mortgages amid mounting alarm over Europe's debt woes.
Simon Embley, LSL Property Services' chief executive, said caution among mortgage lenders was likely to intensify as Greece's future in the euro, and a potentially disastrous default, hung in the balance.
"It is a lot more difficult for a consumer to get a mortgage today than it was four months ago," he said. "The lenders have changed their strategy since the start of the year, from being market share-led to being profit-led.
"Funding costs will be more difficult for the banks if the spectre of the Greek default becomes a reality. It could get even worse than Greece because what the market is really worried about is the collapse of something like Italy."
LSL, the UK's second-biggest estate agency chain behind Countrywide, saw brisk business in March as buyers rushed to beat the deadline on stamp duty extensions, although April was "disappointing" as a result. Trading so far in May has recovered to normal levels.
On the flip side of sluggish sales, LSL's lettings business was up23 per cent year on year.
- 1 Apple has installed security backdoors on 600m iPhones and iPads, claims security researcher
- 2 UK pirates will get four warning letters a year
- 4 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 5 Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Hacking Trial: Rebekah Brooks, Raisa and a new twist in the saga of a horse fit for a Prime Minister
Israel-Gaza conflict: Palestinian death toll now exceeds 500 – but Israel fights on
Income tax league: Revealed - the UK towns where people pay the most and least tax
Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Malaysia Airlines MH17 crash: Blogger captures footage ‘showing BUK missile launcher that shot down jet’ now back in Russia
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£850 - £950 per day: Orgtel: Programme Director - Conduct Risk - Banking - £85...
£45000 - £50000 Per Annum + excellent benefits: Clearwater People Solutions Lt...
£250 - £300 per day + competitive: Orgtel: Finance Manager - Accountant - Bank...
£100000 - £120000 per annum + BONUS + BENEFITS: Harrington Starr: A leading fi...